6 days out. The FTX Recovery Trust's fourth distribution sends approximately $2.2 billion to eligible creditors on March 31, 2026. After this payout, aggregate FTX distributions will total roughly $10 billion. If you haven't completed KYC or selected a distribution provider, you need to do it now at claims.ftx.com.
Three and a half years after FTX collapsed in November 2022, the Recovery Trust is executing its fourth major distribution. This one is $2.2 billion. Several creditor classes will reach 100% recovery of their approved claim amounts after this payout. Class 7 creditors will hit 120%.
The math here is worth understanding. Claim values are calculated at November 2022 prices — the petition date. Bitcoin was around $16,000 then. It's significantly higher now. So "100% recovery" means 100% of what your crypto was worth at the bottom, not at today's prices. For most creditors, that still means a substantial loss in real terms. But it's dramatically better than the zero many expected when SBF's empire imploded.
Distribution Details
Recovery Rates by Creditor Class
Not all creditors are treated equally. The plan divides claims into numbered classes, each with different recovery percentages. After the fourth distribution, here's where each class stands:
| Class | Description | Cumulative Recovery |
|---|---|---|
| Class 5A | Dotcom customer claims (non-US) | Varies (5–18%) |
| Class 5B | US customer claims | 100% |
| Class 6A | General unsecured claims | 100% |
| Class 6B | Subordinated unsecured claims | 100% |
| Class 7 | Convenience claims (≤$50K) | 120% |
Class 7 creditors — those with approved claims of $50,000 or less — are actually receiving 120% of their petition-date claim value. This is unusual in bankruptcy. FTX's estate was large enough, and the asset recovery aggressive enough, that small claimants are being made more than whole relative to November 2022 values.
Class 5A (non-US FTX.com customers) has a wider range. Recovery depends on specific sub-classifications and jurisdiction. Some 5A claimants have received 5%, others up to 18%. The Trust has indicated additional distributions are planned beyond this fourth payout.
What You Need to Do Before March 31
Pre-Distribution Checklist
- Log in to the FTX Customer Portal at claims.ftx.com. Use the same credentials from your original FTX account or the claim registration process.
- Verify KYC is complete. Your dashboard should show "KYC Approved." If it says "Pending" or "Action Required," complete it immediately. KYC failures are the #1 reason people miss distributions.
- Confirm your distribution provider. You must have selected BitGo, Kraken, or Payoneer as your payment method. If you haven't selected one, you won't receive funds on March 31.
- Submit tax documentation. US creditors need a completed W-9 on file. Non-US creditors need a W-8BEN or W-8BEN-E. Missing tax docs will hold your distribution.
- Verify your claim amount. Check that your approved claim amount matches your records. If there's a discrepancy, contact the Claims Agent via the portal's support function. Disputing after distribution is harder.
If you haven't completed these steps: The Trust will not hold your distribution indefinitely. While unclaimed funds don't disappear immediately, the Trust has stated that prolonged non-compliance with KYC and tax documentation requirements may result in forfeiture under the plan's terms. Don't assume you can deal with this later.
Tax Implications of the Distribution
The IRS treats bankruptcy distributions as taxable events in most cases. For FTX creditors, the tax picture depends on how you originally reported your FTX losses.
If you claimed a theft loss or casualty loss deduction on a prior tax return, distributions you receive are taxable income to the extent they exceed your adjusted basis. If you reported a capital loss when FTX collapsed, the distribution may reduce or recapture that loss. If you never claimed any tax benefit from the FTX loss, your basis in the claim is generally your original deposit amount, and you owe tax only on amounts exceeding that basis.
Given the complexity, anyone receiving a distribution over $10,000 should consult a tax professional familiar with crypto bankruptcy recoveries. The distribution providers (BitGo, Kraken, Payoneer) will issue 1099 forms for US recipients.
The Broader FTX Recovery Picture
FTX's bankruptcy has been one of the most successful large-scale recoveries in history, measured by creditor recovery rates. The estate recovered billions through litigation, asset sales, venture portfolio liquidation, and the Anthropic stake sale. The Recovery Trust, led by John J. Ray III (who also oversaw Enron's unwinding), recovered far more than anyone anticipated in the dark days of November 2022.
After the March 31 distribution, the Trust will have paid out approximately $10 billion. Additional distributions are planned. The Trust has not disclosed a final distribution timeline, but creditors in lower-recovery classes (particularly Class 5A) should expect further payouts through 2026 and potentially into 2027.
If You Bought or Sold FTX Claims
The FTX claims trading market was active through 2023-2025. If you purchased an FTX claim from an original creditor, your distribution is based on the approved claim amount, regardless of what you paid. Claims that traded at 10-15 cents on the dollar in early 2023 are now paying out at 100%+ for eligible classes. If you sold your claim, you have no right to this distribution — the buyer receives it.
Claim transfers must have been registered with the Claims Agent to be valid. If you purchased a claim but didn't file a transfer notice, contact the Trust immediately. Unregistered transfers can delay or block distributions.
Bottom Line
If you're an FTX creditor: log in to claims.ftx.com today. Verify KYC, tax docs, and distribution provider. The $2.2 billion goes out March 31. Funds arrive within 1-3 business days via your selected provider. If you haven't completed setup, you're 6 days from missing a payout that some creditor classes may never see repeated at this scale.